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October 10, 2012
16:03 EDTDMDolan Co. amends bank agreement, restructures Florida unit
The Dolan Company announced that it has amended its senior lending agreement, restructured its Florida operations of National Default Exchange, or NDeX, and is commenting on its third quarter results. The company has amended its existing bank agreement with its current lending group to reset its covenant ratios and make certain other changes. "We are pleased with the changes to our bank agreement and the greater flexibility it will provide to us," said Vicki Duncomb, CFO. Details of this amendment are included in the company's Form 8-K filed today with the SEC. The company also said it has restructured its NDeX Florida operations in order to provide its proprietary technology to the Albertelli law firm in consideration for licensing fees and other financial considerations. NDeX returned existing processing operations to the law firm. Had the restructuring occurred on January 1, the company's 2012 annual revenues would have been reduced by $10M-$12M but the company's EBITDA from continuing operations would be increased by at least $1M. The company said NDeX remains committed to the Florida market.
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